Airline stocks drop after Trump ends stimulus talks

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Airline stocks drop after Trump ends stimulus talks
FILE - In this March 31, 2020 file photo American Airlines planes are parked at Pittsburgh International Airport in Imperial, Pa. There will be no more attempt at social distancing on American Airlines flights. The airline said Friday, June 26, that it will start booking flights to full capacity next week. (AP Photo/Gene J. Puskar, file)Gene J. Puskar/Associated Press
  • Airline stocks dropped sharply on Tuesday following news that Trump is ending stimulus talks until after the election.
  • Airlines were expected to be large beneficiaries of the next stimulus package. Speaker Pelosi urged airline executives on Friday to delay firings, saying relief was imminent.
  • American Airlines dropped as much as 5% lower, United Airlines and Delta both fell 3.4%, and Southwest declined 2.4% during Tuesday trading.

Airline stocks dropped sharply on Tuesday after President Trump tweeted that he's ending stimulus negotiations until after the election.

Airlines were expected to be a large beneficiary of the next stimulus package. Last Friday, House Speaker Nancy Pelosi urged airlines executives to delay job cuts, telling them that relief for airline workers was imminent.

American Airlines dropped as much as 5%, United Airlines and Delta both fell 3.4%, and Southwest slid 2.4% during Tuesday trading. The S&P 500 declined 1.5%.

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